 "JSW Energy scales fresh high on report PE investors eyeing stake in unit")
The stock price of JSW Energy zoomed nearly 10 per cent to hit a new lifetime high of Rs 432.45 on the BSE on Monday amid reports that private equity firms TPG, Tokyo Electric Power Company (Tepco) and Brookfield are looking to buy a minority stake in its green energy unit JSW Neo Energy.
As per a report by The Economic Times, the three PE investors are in advanced discussions for the proposed deal and JSW Neo could sign a deal with two of these funds in the coming weeks, the report said, citing sources.
The JSW Group is aimimg to raise up to $500 million from this stake sale, which is expected to be used for further expansion in renewable energy, the report added.
In the last 6 months, the stock price of JSW Energy has zoomed 67 per cent from a level of Rs 259 on March 13, 2023.
The JSW Group is aimimg to raise up to $500 million from this stake sale, which is expected to be used for further expansion in renewable energy, the report added.
In the last 6 months, the stock price of JSW Energy has zoomed 67 per cent from a level of Rs 259 on March 13, 2023.
JSW Neo Energy will house the parent's upcoming renewable projects for generation, storage and production of green hydrogen. The parent will also be moving its existing hydro energy projects into subsidiaries under JSW Neo Energy, it said earlier.
This will help the company build and streamline its renewables portfolio, as well as set up a holding structure that's efficient for fundraising and unlocking value for shareholders, it had said.
JSW Neo Energy's operational capacity is projected to grow at a CAGR of 42 per cent to 5,912 MW by calendar year 2024, as per the parent company.
In late March this year, JSW Neo Energy completed the acquisition of Mytrah Energy’s 1,753 MW renewable energy assets through a two-step process. The deal was done at an enterprise value of about Rs 10,530 crore, which was the JSW Energy's largest-ever acquisition.
It said the acquisition will help JSW Energy increase its current operational capacity by over 36 per cent to 6,564 MW from 4,811 MW.
In late March this year, JSW Neo Energy completed the acquisition of Mytrah Energy’s 1,753 MW renewable energy assets through a two-step process. The deal was done at an enterprise value of about Rs 10,530 crore, which was the JSW Energy's largest-ever acquisition.
It said the acquisition will help JSW Energy increase its current operational capacity by over 36 per cent to 6,564 MW from 4,811 MW.
